Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Nimble prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Nimble uses the truck. Identify the depreciation method that meets the company's objectives. Print Done On January 1, 2024, Nimble Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in service, Nimble spent $3,000 painting it, $2,500 replacing tires, and $3,500 overhauling the engine. The truck should remain in service for five years and have a residual value of $9,000. The truck's annual mileage is expe miles in each of the first four years and 16,000 miles in the fifth year-100,000 miles in total. In deciding which depreciation method to use, Steven Kittridge, the general manager, requests a depreciation schedule for each of the depreciation methods (straight-line, units-of-production, and double-declining-balance). Read the equirements Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-1-2024 12-31-2024 5 years 12-31-2025 5 years 12-31-2026 5 years 12-31-2027 5 years 12-31-2028 5 years